Hurricane Damage Miramar, FL | Hurricane Damage | Damage Claim

Changes in Cost of Insurance for Homeowners in Florida

Florida homeowners have been facing a volatile insurance market for property insurance for many years now. Looking at rates over the last few years indicate the market is finally beginning to stabilize. If however, your insurance carrier is Citizens Insurance, such is not the case. This state owned insurance carrier seems to find a way to make headlines on a regular basis.

Over the past two years Citizens has come under fire by its policyholders for appearing to be uncaring by finding ways to take back discounts on issued policies at renewal. Their public relations activities are questionable at best. The latest gaff was the way in which they used re-inspections as a vehicle to take back wind mitigation discounts which for many policyholders amounted to hundreds of dollars. Company inspectors continuously claimed they could not verify roof attachment improvements since they could not get into the attic to take photos resulting in large discounts being removed from policies at renewal.

Although the standard insurance carriers have vanished, there are now many smaller companies that have stepped up to the plate to write business in Florida. Rates have begun to stabilize since catastrophic claims have been virtually non-existent over the last 5 years. Homes built in 2005 or later that are of masonry construction are now getting very favorable rates as these newer carriers compete for business. Even older homes that have gotten new roofs since about the mid-nineties are getting decent discounts if they have an updated wind mitigation survey. You see, with property insurance, it’s not about the rate, it’s about the discounts. Having a newer roof, masonry construction, favorable credit score and monitored alarm system will get the homeowner the necessary discounts to make a substantial reduction in annual premium.

If you want to have more information about residential insurance or want to know what is covered by your homeowners policy, visit our website, or call our toll free number 1 855-305-CLAIMS (2524). All Claims Solutions, The right way to represent your interests!